Tuya Inc.

Good morning and good evening, ladies and gentlemen. Thank you for standing by and welcome to Tuya's Inc's first quarter 2024 earnings conference call. My name is Faith and I will be coordinating your call today. If you would like to ask a question during the presentation, you may do so by pressing star 1 on your telephone keypad. I will now turn the call over to the first speaker today, Mr. Reg Chai, Investor Relations Director of Tuya. Please go ahead, sir.

Okay. Thank you. Hello, everyone. Welcome to our first quarter 2024 earnings call. Joining us today are founder and CEO of Tuya, Ms. Jerry Wang, and our CFO, Ms. Jessie Liu. The first quarter 2024 financial results and the webcast of this conference call are available at ir.tuya.com. A replay of this call will also be available on our website in a few hours. Before we continue, I refer you to our safe harbor statement in our earnings press release, which applies to this call, as we will make forward-looking statements. With that, I will now turn the call to our founder and CEO, Mr. Jerry Wong. Jerry will deliver his remarks in Chinese, which will be followed by corresponding English translation. 大家好,感谢大家参加虎牙2024年第一季度的业绩变化会议。 Hello everyone, thank you for joining our first quarter 2024 earnings conference call. Entering 2024, which marks the 10th anniversary of Tuya's founding, we are proud to have achieved significant milestones in the first quarter. Our total revenue grew by approximately 30% year-over-year, and our blended gross margin reached about 47.8%, setting a new historical high. Most noteworthy, for the first time ever, we achieved non-GAAP profitability in the first which is traditionally a remunerate period due to the Chinese New Year.

Since the launch of the company in March 2021, we have experienced a lot of unprecedented external problems, and through the active and regular three-way adjustment and response, there have been a lot of changes in the business. We continue to build long-term partnership and expand the business of T&M. From the point of view of the customer and group that support T&M, We have developed our IoT PaaS business, which is more competitive in achieving device intelligentization, from the main support of customers four years ago, to the spatial intelligentization of industrial areas such as industrial hotels, community resorts, travel and energy, and so on, and further cross-reference the smart solution translation platform of PaaS, SaaS, and smart equipment in the Qubiclone market. Through Qubiclone,